Happy 2015! The Real Estate Market in Northern Virginia ended 2014 as expected…very unexpected. The year started with a record amount of snow which delayed the listings of many homes. Those that did list in February and March received a premium price and those that waited until the spring thaw had to fight hard for buyers as the market became saturated with inventory. A slow summer and fall gave way to a strong close to 2014. Interest rates remained low and inventory became more realistic as listings withdrew for the holidays. Now the New Year is here. What will 2015 bring? Well interest rates are still low, FHA has significantly lowered PMI premiums, it’s still a sellers market with just over 3 months of inventory…what does this mean? Buyers are being picky, but sellers aren’t giving up without a fight and currently are receiving an average of 96.7% of list price when their house sells. If you are looking to buy the low interest rates are giving you added shopping power. If you are looking to sell, your cold-weather buyers tend to be serious. Houses priced right are receiving multiple offers and going under contract within a week. Areas of Western Loudoun are seeing a longer DOM (days on market) vs. their neighbors to the East. Inventory continues to increase as we get closer to the “busiest” time of the year (April – June). Buyers and sellers wanting to time a move around school schedules drive the spring and early summer sales. If you have any questions about the market value of your home or the buying process please don’t hesitate to contact me at 703.269.7023 or [email protected].

Filed under: Market Eye by Elissa Olechnovich
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